- BitMEX users will from Wednesday 5 be able to either long or short XRP.
- Traders will buy the contract at $1 and will be required to pay a funding fee every eight hours.
BitMEX, one of the leading platforms for Bitcoin futures contract has announced support for a new trading product, XRP/USD perpetual swap contract. According to the announcement made via Twitter, trading with the asset will commence on February 5, 2020 at 0400 UTC.
We at BitMEX are proud to announce that trading of a new perpetual swap on the XRP token (XRPUSD) will begin at 0400 UTC on 5 February 2020.
— BitMEX (@BitMEXdotcom) February 4, 2020
XRP/USD contract is worth $1 and will trade without a specified expiration date. However, users trading the product are required to part with a funding fee after every eight hours. The product will allow traders to either long or short XRP using 100x maximum leverage.
An interesting debate surrounding the addition of the XRP contract on BitMEX had the CEO Arthur Hayes said that it didn’t matter if it was referred to as Ripple or XRP as long as “It’s worth more than zero.”
Is it called Ripple, XRP, or dogshit? Who knows, who cares. It’s worth more than zero so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha! https://t.co/pa3T5vd5kl
— Arthur Hayes (@CryptoHayes) February 4, 2020
BitMEX continues to be a significant player in the cryptocurrency futures market. The platform’s influence on Bitcoin price in the past has not gone unnoticed. However, no one knows how trading with the new XRP/USD contract will affect the price of the coin (XRP). At the time of writing, XRP is trading at $0.2516 after correcting downward from highs above $0.26.
Read more: Ripple Price Analysis: XRP/USD consolidates above the critical $0.25
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